The Latest Breaking News from Wilko

The homeware retail brand has also bought the intellectual property rights of Wilko, but none of its stores

Administrators at PwC have sought to sell off Wilko’s assets in recent weeks, including its brand and shops, after failing to secure a rescue deal.

Administrators have agreed to sell 71 shops to Pepco and the conversion to Poundland stores is already underway at many locaations

Pepco has agreed with Wilko's administrators that up to 71 Wilko stores will become Poundland shops.

It comes a day after administrators confirmed all the group’s remaining shop, warehouse and support centre workers are set to lose their jobs.

The discount retailer is not able to guarantee that all jobs at these locations will be saved, but said it would “prioritise” the recruitment of ex-Wilko staff

All 400 of Wilko’s shops are now expected to close over the next month, leaving 12,500 people without jobs across the UK. The budget retailer’s administrator PwC announced the news after it struggled to secure a rescue deal for Wilko to continue operating.

Aldi and Lidl enjoy sales increase and own-label ranges thrive as consumers seek out bargains

The closure of the firm’s remaining 400 stores and the loss of 9,100 staff was confirmed by administrators PwC on Monday